IBM taps new-issue market to fund refinancing announced last month.

International Business Machines Corp. plans to use most of the proceeds from yesterday's $1.65 billion two-part debt offering to help pay for a $1.7 billion refinancing the company announced last month.

IBM spokesman Rob Wilson said the company decided to issue now because of the historically low interest rates and because timing corresponds well to the October and November call dates of the debt issues being refinanced.